12/17/24 – Proactive Lending: Why It Matters and How We Do It I want to shout out to one of my incredible teammates (who shall remain nameless!). Yesterday, we opened an escrow in Orange County for a buyer purchasing a condo with about 70% down. On the surface, this deal looked like a slam dunk: solid buyer, strong down payment, and a quick 14-day escrow. But here’s what sets us apart: my teammate/ Loan Officer first checked Fannie Mae’s list to see if there were any potential issues. And guess what? All kinds of red flags made the property non-warrantable. Now, think about this - how many lenders wait until Day 16 to uncover a problem like that? Imagine the stress, wasted time, wasted money, and frustration for everyone involved. Proactive lending isn’t just about getting the job done; it’s about doing it right from Day 1. Proactive Lending vs. Reactive Lending At our company, we take a proactive approach to every transaction because we know the devil is in the details: We Look Ahead: We don’t just trust that a property is fine. We pull Fannie Mae’s lists, research non-warrantable condo issues, and analyze everything we can upfront to avoid surprises. We check MLS photos and comments to foresee potential appraisal and health and safety issues - no guessing, no hoping. We Plan Strategically: We analyze buyers’ situations - upsizing, downsizing, or navigating occupancy challenges - to ensure underwriters approve the deal without delays. We shorten or eliminate contingencies to help buyers win offers in competitive markets, and we honor those contingencies to keep our reputation (and yours) rock solid. We Solve Problems Before They Exist: We don’t throw deals against the wall and hope they stick. We plan, strategize, and deliver solutions that make transactions seamless. Beyond the Basics: The Tools We Offer Our proactive approach goes hand-in-hand with the incredible products and solutions we offer: Bridge Loans: Incredibly low rates and fees that help clients move from point A to point B, allowing them to buy non-contingent. Our Stretch Bridge Product allows buyers to borrow funds to improve their credit before they sell and buy or for a deposit on their dream home while their equity is tied up in their current residence. First-Time Buyer Programs: We offer discounts for first responders - nurses, police officers, and firefighters - because they deserve it. Programs like CALHFA, VA, FHA, and USDA loans open doors for buyers across the board. 0 down Loans and many programs for buyers with limited income. Non-QM Loans: Solutions for unique buyers: Bank statement loans for self-employed individuals. Profit & Loss (P&L) loans. Debt Service Coverage Ratio (DSCR) loans for investment properties. Reverse Mortgages, Hard Money Loans, and so much more. A Legacy of Trust and Expertise For nearly 30 years, we’ve been serving our community with professionalism, integrity, and results. Our team provides: Our Loan Officers give great advice on tax, investment, and everything in between. A deep understanding that a mortgage is more than just a loan - it’s the most powerful tool to build wealth and keep families financially secure. Why Work With Us? This letter all started because I caught my teammate doing something amazing - but here’s the truth: I expect that from my team. I love that about my team. We don’t mess around. We don’t cut corners. We are professional loan officers who work tirelessly to help our clients, agents, and anyone before us. We are problem-solvers, solution-finders, and partners in success. If you’re looking for a lending partner as committed to your client’s success as yours, let’s connect in 2025. We’re ready to help you and your clients close more deals, overcome more challenges, and achieve more wins. Is it time for a change? Here’s to a proactive, productive, and profitable year ahead! I’m here to support you every step of the way. Whether you have questions about a loan scenario, need help with a client, or want to brainstorm ideas, I’m only a call, text, or email away. 📞 Cell: 661-714-6258 TEXT – 661-714-6258 📞 Office: 661-260-2970 ext. 2222 📞 Direct Line: 661-291-2222 📧 Email: Mike@AugustaFinancial.com Let’s make 2025 your best year yet! Together, we can achieve great things. But wait, there’s more… Interest rates have been flat this week! We want better, and I won’t allow rates to linger at these levels! So move down, or we will stop taking out loans! I will try anything to get them lower! LOL! 12-day escrows if your buyer is pre-approved - Conventional / FHA / Jumbo / Bridge We do loans in all states, so call me with anything you need. Government Loans (FHA / VA/ USDA) are in the 5’s and 6’s. Conventional Loans up to $806,500.00 are in the 6’s High Balance Loans $806,501 – $ 1,209,750.00 are in the 6’s Jumbo loans above $1,209,750 are in the mid to high 6’s Bank statement loans - They are available with 10% down again, and larger down payments are in the 6’s. Profit and Loss Statement loans – 20% down – You don’t need bank statements, just a profit and loss statement! 0 down loans are in the high 6’s – 620 credit score min right now, up to $1,250,000.00. Private Money lenders - Hard Money Loans – 35% down! No Ratio Loans 30% down DSCR – Debt Service Coverage loans with as little as 15% down Bridge Loans - typically 7.99% with limited fees – and they get you where you need to go! 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates! Interest rates are subject to change without notice. The above are LA County Loan Limits. Good News / Condos – Village Walk – They just renewed their insurance policy, with a $25,000 deductible per unit. Still, the maximum deductible shall not exceed 5% of the total limit of insurance! Doing this to every policy would be a Christmas miracle! Brookside Walk – Yep, one more with the 5% deductible got pulled from the naughty list! YAY! Bad News on Condos – 4 new ones in the SFV Portofino Villas – 12411 Osborne – Master Insurance is Unacceptable Granada Plaza – 16940 Chatsworth Street – Project in need of critical repairs. 10% of HOA Dues are not going to Reserves. 15245 Sherman Way – more than 25% of the units are owned by one entity. Galaxy Whitsett Condos – 6133 Whitsett – Master Insurance Policy does not meet Fannie Mae requirements. All other naughty condos are at MikeMeena.com. I will post updates here, but all the information on the naughty list is on my website. Just go there and click about, and you will find our most updated list. Please let me know if you hear anything new on condos or townhouses. I am still available all week if you need anything. 📞 Cell: 661-714-6258 TEXT – 661-714-6258 📞 Office: 661-260-2970 ext. 2222 📞 Direct Line: 661-291-2222 📧 Email: Mike@AugustaFinancial.com Have a great day and an even better tomorrow. Please call me when you have a client who needs to borrow! Mike Meena President | Loan Officer Click to Call or Text: (661) 714-6258 This entry has 0 replies Comments are closed.
